Word: majorly
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...lending is that he has information about bank "stress tests" that Congress does not. Geithner knows that some of the financial firms are not robust. But, it is too dangerous for him to name them into an open microphone. It could cause a panic, and drive the stocks of major banks down and cause depositors unnecessary worry. What he would say is that if some of the banks did not pass their tests, the federal government stands ready to help them if private investors are not. At this point in the history of American financial markets that means that...
...story at the housing agencies, but nonetheless one that is currently having a material influence on the people tasked with steering them back to financial health. When Freddie Mac's CEO resigned in March, press reports pegged part of the cause to his frustration over how all major decisions had to be run past regulators and how those decisions were often dictated by policy goals and not what was best for the company. Freddie Mac executives have estimated that this year it will cost the firm $30 billion to carry out the Obama Administration's housing plans, which, they wrote...
...Though the home-ownership-promoting policies of Fannie and Freddie are often held up as major contributors to the housing bubble and ensuing financial crisis, the two agencies actually backed and held a fairly small portion of subprime and otherwise risky loans. (See pictures of Americans in their homes...
...Make no mistake: the agencies have taken major losses. In March, Freddie reported a $50 billion loss for 2008, nearly half of which came in the fourth quarter. Those losses, Freddie says, were driven largely by rising mortgage defaults and the falling value of derivatives used to protect against things like changes in interest rates...
...brought on by selling Babe Ruth to chief rivals, the New York Yankees—the Sox finally found victory with World Series Championship wins in 2004 and 2007. Fenway Park, the home field, is known for the Green Monster, the highest left field wall in Major League Baseball. The season is pretty much sold out by now, so forget the box office. Unused tickets are released incrementally, so if you show up to Fenway in the early afternoon for a night game and wait in line, you can usually get some seats. If you don?...